Petroteq Receives Permits, Completes Concrete Work

Tue January 16, 2018 - West Edition #2CEG

Petroteq Energy Inc., a company that develops and implements proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits, announced it has made significant progress at its heavy oil extraction facility located at Asphalt Ridge, Utah.

The company has received the Uintah County Building Permit required for the construction of the facility and the company has completed the required foundation work. The company has previously announced that it has successfully moved the equipment from its 250 bpd facility in Maeser, Utah, to its lease site at Asphalt Ridge, Utah, where it is constructing the facility to an anticipated production capacity of 1,000 bpd.

In preparation for discussions with oil refineries for the purchase of heavy oil from the Petroteq Energy, the company completed an analysis of the end product of its patented clean oil extraction process. According to the company, the results of this analysis indicate a high range of diesel organics as well as low sulfur or other contaminants. These results indicate that there should be high demand for the company's heavy oil as demand for low sulfur diesel has been growing driven by the trucking and shipping industries.

“With recent reports from Goldman Sachs and the American Petroleum Institute indicating that 2018 will be a good year for oil in the United States. We look forward to getting into production and helping meet the expected demand for heavy crude in the Utah market,” said Alex Blyumkin, chief executive officer of Petroteq Energy.

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